HomeMy WebLinkAboutResolution No. 6039RESOLUTION NO. 6039
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF AZUSA
ESTABLISHING A TRUST FUND IN THE CITY TREASURY IN WHICH
ALL PAYMENTS RECEIVED BY THE CITY PURSUANT TO THE "STATE
AND LOCAL FISCAL ASSISTANCE ACT OF 1972" SHALL BE DEPOSITED.
The City Council of the City of Azusa does resolve as follows:
SECTION 1. There is hereby established in the City Treasury
a trust fund which shall be identified as the Federal Revenue Sharing
Trust Account. All payments received by the City pursuant to the
"State and Local Fiscal Assistance Act of 1972" shall be deposited in
the Federal Revenue Sharing Trust Account.
SECTION 2. Any interest earned on the amounts on deposit in
the Federal Revenue Sharing Trust Account shall be deposited in that
account.
SECTION 3. Funds in the Federal Revenue Sharing Trust Account
shall be used only for priority expenditures as defined in Section
103 (a) of the State and Local Fiscal Assistance Act of 1972. The City
Accounting Officer shall pay over to the Secretary of the Treasury of
the United States (for deposit in the general fund of the Treasury) an
amount equal to 110 percent of any amount expended out of such trust
fund in violation of the provisions of this section unless such amount
is promptly repaid to such trust fund or such violation is otherwise
corrected after notice and opportunity for corrective action.
SECTION 4. Expenditures from the Federal Revenue Sharing
Trust Account shall be audited and paid out upon warrants drawn against
the fund in accordance with and subject to the laws, ordinances and
procedures applicable to the expenditure of all other funds of the City.
SECTION 5. In connection with the receipt of funds and their
disbursment from the Federal Revenue;Sharing Trust Account, the City
Treasurer and the Accounting Officer are directed to use fiscal, acc-
ounting, and audit procedures which conform to guidelines established
by the United States Secretary of the Treasury.
SECTION 6. The City Clerk shall certify to the adoption of
this resolution.
Adopted and approved th
, 1972.
I hereby certify that the foregoing resolution was duly
adopted by the City Council of the City of Azusa at a regular meeting
thereof held on the 6th day of November , 1972, by the
following vote of the ouncil:
AYES: Councilmen: Rubio, Decker, Snyder, Clark, Solem
NOES: Councilmen: None
ABSENT: Councilmen: None
City Cle t
APPROVED AS TO FORM:
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